Key Quotes from 1971 Shareholder Letter

1. "An unusual combination of factors — reduced auto accident frequency, sharply higher effective rates in large volume lines, and the absence of major catastrophes — produced an extraordinarily good year for the property and casualty insurance industry."

2. "Vic is cut from the same cloth as Jack Ringwalt and Gene Abegg, with a talent for operating profitably accompanied by enthusiasm for his business. These three men have built their companies from scratch and, after selling their ownership position for cash, retain every bit of the proprietary interest and pride that they have always had."

3. "Illinois National earned well over 2% after tax on average deposits while (1) not using borrowed funds... (2) maintaining a liquidity position far above average; (3) recording loan losses far below average; (4) utilizing a mix of over 50% time deposits."

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Source: Full Letter